SEC Net Profit Soars 18.9%

RIYADH, 19 October 2004 — Saudi Electricity Co.’s (SEC) net profit rose 18.9 percent to SR1.44 billion ($384 million) in the peak third quarter of the year compared to the same period in 2003, the company said yesterday.

SEC said total net profit for the first nine months of the year stood at SR1.50 billion, up sharply from SR876 million a year ago. The company, Saudi Arabia’s third-largest listed firm, made the announcement in a brief statement on the Web site of the Saudi bourse. It gave no further details.

The company had reported first-quarter losses of SR321 million. SEC shares closed yesterday’s morning session down 0.69 percent at SR144.75, compared to a year high of SR196.0 and a low of SR92.5.